Is it still a buyers market in Orlando, FL? You bet it is, but the buyers market is not the same across the board. And First Time Home buyer market is moving closer each month to a balanced market with certain price points already back in the sellers market territory. Dont get me wrong I dont think pricing is going any in the upward movement however it does mean that your offers need to be realistic and understand that a good home with a good price tag will move very quickly.
So your probably scratching your head thinking this Realtor is crazy and just trying to get me to buy. I don't blame you for thinking that, but keep reading and lets find out what the numbers mean.
"Buyer's", "Seller's" and "Balanced" Markets
There's a universally-accepted and used formula for determining whether it's a "buyer's", "seller's" or "balanced" market...
- more than 6 month's supply = buyer's market
- 5 to 6 month's supply = balanced market
- less than 5 month's supply = seller's market
The "month's supply" is determined by comparing the overall supply, should no new houses come on the market (active inventory)to the demand (homes going under contract/selling). So let's look at the supply and demand in Seminole & Orange County
As you can see the homes under the $50,000 have already moved into the sellers market and the First Time Home Buyers market is teetering close to that balanced market, but as you can see there is a large jump from the $250,000 price point and even larger supply in the luxury area with over 7 years supply.
Orlando area sellers this means if you want to sell you can but you have competition price accordingly and you will find a buyer. Buyers depending on price range you might need to move quickly on a home that you like and not get as aggressive with discounting the price.
If you are looking for a Seminole & Orange County Realtor who understands the area's market and absorption rates and can help navigate and educate you on the local market give Heather Joubran a call today.
Email Heather@HeatherTheRealtor.com or call/text me at 407-810-6304